Deck 18: Building an Effective Marketing Plan

Question 1

Which of the following is one of the top six questions most lenders and prospective investors expect to be included in the marketing plan?

A)Does the prospective product meet all government safety standards?
B)Is there a clear market for the product or service?
C)Who is your competition and what are they doing?
D)Who will be your key suppliers?
E)How will you calculate your profit margins?

Answer 1

B

Question 2

According to Arthur R.Kydd CEO of St.Croix Venture Partners, what sets a potential successful idea, product, or technology apart from all the rest is __________ and __________.

A)time; money
B)markets; marketing
C)creativity; hard work
D)originality; financial backing
E)a good team; hard work

Answer 2

B

Question 3

The industry in which a product will compete should affect the format of a business or marketing plan.All products must analyze their competition, however, since the geographic thrusts and complexities of products can differ so greatly, __________ becomes an important element.

A)the size of the potential work force included in their plans
B)investment potential of backers discussed in their plans
C)personal experience in the field demonstrated in their plans
D)the time periods likely to be covered by their plans
E)knowledge of technical language used in their plans

Answer 3

D

Question 4

Which of the following is one of the top six questions most lenders and prospective investors expect to be included in the marketing plan?

A)Does the prospective product meet all government safety standards?
B)Who is your competition and what are they doing?
C)Who will be your key suppliers?
D)How will you calculate your profit margins?
E)Is there something unique or distinctive about the product or service that separates it from substitutes and competitors?

Question 5

Elements in a marketing plan depend on who the audience is and what the purpose is.For example, the marketing plan for an internal audience would __________ while the marketing plan for an external audience, the marketing plan would __________.

A)be informally written; be formally written
B)contain specific financial details; give a broad general overview
C)point the direction for future marketing activities; function as a sales document
D)explain organization and structure; be sent to all individuals who would be affected by the plan
E)provide biographical information of key players; include financial projections

Question 6

Which of the following statements about marketing plans is most accurate?

A)A marketing plan has little or no value unless it projects plans at least five years into the future.
B)In truth, no single "generic" marketing plan can apply to all organizations or all situations.
C)It is important to use the exact market plan format regardless of the product or industry.
D)Although sales figures will vary greatly, the marketing plan for a small family owned food store will be almost identical to the marketing plan of a large supermarket chain, if written correctly.
E)Although the target audience and purpose affect the design of a marketing plan, the type of industry plays a relatively small role in its design, if any at all.

Question 7

The target audience and purpose affect the format of a business or marketing plan.For example, elements such as degree of detail should reflect the

A)size and complexity of the organization.
B)educational background of the investors.
C)investment potential of backers.
D)degree to how well you know your audience.
E)whether the plan is for a product or service.

Question 8

Which of the following statements regarding marketing and business plans is most accurate?

A)In contrast to a marketing plan, a business plan is a road map for the entire organization for a specified future period of time, such as one year or five years.
B)In contrast to a business plan, a marketing plan is a road map for the entire organization for a specified future period of time, such as one year or five years.
C)A marketing plan contains a greater degree of detail regarding research and development, operations, and manufacturing activities of the organization.
D)A business plan is used for industrial products and a marketing plan is used for consumer products.
E)A business plan is used for manufactured products and marketing plans are used for services.

Question 9

While there are several different groups of stakeholders who are likely to read a business or marketing plan, which group is likely to be the most critical of the document?

A)potential employees
B)potential customers
C)potential suppliers
D)future distributors and wholesalers
E)possible investors

Question 10

There is no single "generic" marketing plan that can apply to all organizations or all institutions.Rather, the specific format for a marketing plan for an organization depends on the following: the industry, the target audience and purpose, and

A)the time frame.
B)the competition.
C)available resources.
D)the financial investment needed.
E)the kind and complexity of the organization.

Question 11

A key difference between a market plan and a business plan is

A)a business plan is used for industrial products and a marketing plan is used for consumer products.
B)a marketing plan contains a greater degree of detail regarding research and development, operations, and manufacturing activities of the organization.
C)a business plan contains a greater degree of detail regarding research and development, operations, and manufacturing activities of the organization.
D)a marketing plan covers a greater length of time in its projections.
E)a business plan covers a greater length of time in its projections.

Question 12

There is no single "generic" marketing plan that can apply to all organizations or all institutions.Rather, the specific format for a marketing plan for an organization depends on the following: the industry, the kind and complexity of the organization, and

A)the time frame.
B)the competition.
C)available resources.
D)the target audience and purpose.
E)the financial investment needed.

Question 13

Elements in a marketing plan depend on who the audience is and what the purpose is.For example, the marketing plan for an internal audience would point the direction for future marketing while the marketing plan for an external audience would

A)give a broad general overview.
B)point the direction for future marketing activities.
C)be more informally written.
D)include the strategic plan/focus of the organization.
E)be directed to the people who would be affected by it.

Question 14

Which of the following is one of the top six questions most lenders and prospective investors expect to be included in the marketing plan?

A)Does the prospective product meet all government safety standards?
B)Who is your competition and what are they doing?
C)Who will be your key suppliers?
D)Is the business or marketing idea valid?
E)How will you calculate your profit margins?

Question 15

Which of the following is one of the top six questions most lenders and prospective investors expect to be included in the marketing plan?

A)Does the prospective product meet all government safety standards?
B)Are the financial projections realistic and healthy?
C)Who is your competition and what are they doing?
D)Who will be your key suppliers?
E)How will you calculate your profit margins?

Question 16

A road map for the entire organization for a specified future period of time, such as one year or five years is referred to as a __________.

A)marketing dashboard
B)business plan
C)operation plan
D)mission statement
E)marketing metric

Question 17

There is no single "generic" marketing plan that can apply to all organizations or all institutions.Rather, the specific format for a marketing plan for an organization depends on the following: the target audience and purpose, the kind and complexity of the organization, and

A)the financial investment needed.
B)the time frame.
C)available resources.
D)the industry.
E)the competition.

Question 18

Elements in a marketing plan depend on who the audience is and what the purpose is.For example, the marketing plan for an internal audience would point the direction for future marketing while the marketing plan for an external audience, the marketing plan would

A)give a broad general overview.
B)function as a sales document.
C)be more informally written.
D)be directed to the people who would be affected by it.
E)be directed to the people who must implement the plan.

Question 19

Arthur R.Kydd CEO of St.Croix Venture Partners receives 200 to 300 requests for venture capital or seed money each year; he only selects two or three.He believes if you have a real product with a distinctive point of difference that satisfies the needs of customers, you may have a winner.The way to demonstrate this to him is

A)by creating a prototype and testing it in the real world.
B)through a well-written marketing or business plan.
C)by submitting a quality resume that demonstrates past success.
D)making a list of all the other ideas you have, including this one.
E)brainstorming sessions in an informal interview.

Question 20

In contrast to a marketing plan, a(n) __________ is a road map for the entire organization for a specified future period of time, such as one year or five years.

A)marketing dashboard
B)mission statement
C)operation plan
D)business plan
E)marketing metric

Question 21

It is helpful to use A level (the first level) and B-level (the second level) headings under the numbered section headings to help readers make easy transitions form one topic to another.These headings should

A)be used liberally, at least one every 200-300 words.
B)only be used in marketing plans and not in business plans.
C)only be used in business plans and not in marketing plans.
D)be used sparingly otherwise they lose their cohesiveness and effectiveness.
E)continue in traditional outline form all the way through E-level (the fifth level) if needed, but no further.

Question 22

Which of the following statements is written in the best writing style for a business or marketing plan?

A)We have found three different groups that could benefit from our new software.
B)Being that this software can be used by teachers, social workers, and nurses, it will offer great opportunities.
C)There are three potential target markets for this software: teachers, social workers, and nurses.
D)There is a target market of teachers; there is a target market of social workers; and there is a target market of nurses as well, who might benefit if we get the opportunity to bring this product to the public.
E)The fact that there are three different "money makers" to shoot for should be a selling point.

Question 23

Despite the fact that there is not "one" format for writing successful marketing and business plans, there are important general guidelines: (1) Use a direct, professional writing style, (2) Be positive and specific to convey potential success.(3) Use bullet points for succinctness and emphasis.(4) Use A level (the first level) and B-level (the second level) headings under the numbered section headings to help readers make easy transitions from one topic to another.(5) Shoot for a plan 15 to 35 pages in length, not including financial projections and appendixes.(6) Use care in layout, design, and presentation.(7)

A)Use different color fonts or paper to represent different sections of your plan.
B)Use visuals where appropriate.
C)Do not use a business plan unless you are borrowing at least $100,000.
D)Include as an attachment formal resumes for all key players in your management team.
E)Set a firm date by which you will require an answer from a potential investor, after which you will take your plan somewhere else.

Question 24

The qualitative Mission statement focuses the activities of Paradise Kitchens for __________.

A)every member of the organization
B)upper management
C)licensing bureau
D)stakeholders
E)consumers

Question 25

Despite the fact that there is not "one" format for writing successful marketing and business plans, there are important general guidelines: (1) Use a direct, professional writing style, (2) Be positive and specific to convey potential success.(3) Use A level (the first level) and B-level (the second level) headings under the numbered section headings to help readers make easy transitions from one topic to another.(4) Use visuals where appropriate.(5) Shoot for a plan 15 to 35 pages in length, not including financial projections and appendixes.(6) Use care in layout, design, and presentation.(7)

A)Use bullet points for succinctness and emphasis.
B)Use different color fonts or paper to represent different sections of your plan.
C)Include as an attachment formal resumes for all key players in your management team.
D)Do not use a business plan unless you are borrowing at least $100,000.
E)Set a firm date by which you will require an answer from a potential investor, after which you will take your plan somewhere else.

Question 26

Which of the following statements regarding business or market plan length is most accurate?

A)As a quick rule of thumb, there should be one page for every $10,000 required in the projected budget.
B)The length of a business plan should never be less than 30 pages or greater than 35 pages in length.
C)The length of the body of the plan should be between 15 and 30 pages including financial projections and appendixes.
D)For every page in the body of the work there should be at least one additional page in the appendix to complement it.
E)Although general guidelines suggest a length of 15 to 35 pages, the length of the plan should reflect the complexity of the product or service.

Question 27

In addition to quality content, a plan's layout and design are also important.Which of the following statements is most accurate?

A)Fonts that are serif type should be used within the body of the plan and sans serif type should be used with charts and graphs.
B)Fonts that are sans serif are easier to read and should be used in the body of the plan.
C)Ink-jet printers are preferable to laser printers.
D)The font size should change with the importance of the material.Important material should be at least 14 points and go as small as 10.5 for less important details.
E)There should be a different font style for each new section within the plan provided no more than five distinct fonts are used.If needed italics, bolded words, and underlines can be used for additional emphasis.

Question 28

The primary purpose of the Paradise Kitchen's Company Description was to

A)assure the investors of the company's financial health.
B)introduce all the members and key players in the organization.
C)describe the product's competition.
D)explain how the organization will be structured.
E)highlight the recent history and successes of the organization.

Question 29

Despite the fact that there is not "one" format for writing successful marketing and business plans, there are general guidelines: (1) Use a direct, professional writing style, (2) Use care in layout, design, and presentation.(3) Use bullet points for succinctness and emphasis.(4) Use A level (the first level) and B-level (the second level) headings under the numbered section headings to help readers make easy transitions from one topic to another.(5) Use visuals where appropriate.(6) Shoot for a plan 15 to 35 pages in length, not including financial projections and appendixes.(7)

A)Use different color fonts or paper to represent different sections of your plan.
B)Do not use a business plan unless you are borrowing at least $100,000.
C)Be positive and specific to convey potential success.
D)Include as an attachment formal resumes for all key players in your management team.
E)Set a firm date by which you will require an answer from a potential investor, after which you will take your plan somewhere else.

Question 30

The single most important element (usually only two pages long) of the plan that "sells" the plan to readers and is called

A)the executive summary.
B)the strategic plan.
C)the vision statement.
D)the bonding statement.
E)the market-product summary.

Question 31

Despite the fact that there is not "one" format for writing successful marketing and business plans, there are general guidelines: (1) Use care in layout, design, and presentation.(2) Be positive and specific to convey potential success.(3) Use bullet points for succinctness and emphasis.(4) Use A level (the first level) and B-level (the second level) headings under the numbered section headings to help readers make easy transitions from one topic to another.(5) Use visuals where appropriate.(6) Shoot for a plan 15 to 35 pages in length, not including financial projections and appendixes.(7)

A)Use different color fonts or paper to represent different sections of your plan.
B)Use a direct, professional writing style.
C)Do not use a business plan unless you are borrowing at least $100,000.
D)Include as an attachment formal resumes for all key players in your management team.
E)Set a firm date by which you will require an answer from a potential investor, after which you will take your plan somewhere else.

Question 32

Which of the following statements is best suited for a business or marketing plan?

A)This will be a fantastic once in a lifetime opportunity in the amazing world of chocolate lovers.
B)This product offers a unique opportunity to meet the needs of consumers who love the flavor of chocolate but who are allergic to cocoa.
C)What could be better than chocolate? Nothing! That's why this is a phenomenal opportunity for those who really understand the exciting world of chocolate.
D)We are not kidding.This new non-cocoa chocolate candy is simply irresistible; everyone we gave a sample to, fell in love with it.
E)The fact that this chocolate flavored candy does not contain cocoa should be a selling point.

Question 33

Despite the fact that there is not "one" format for writing successful marketing and business plans, there are general guidelines: (1) Use a direct, professional writing style, (2) Be positive and specific to convey potential success.(3) Use bullet points for succinctness and emphasis.(4) Use care in layout, design, and presentation.(5) Use visuals where appropriate.(6) Shoot for a plan 15 to 35 pages in length, not including financial projections and appendixes.(7)

A)Do not use a business plan unless you are borrowing at least $100,000.
B)Use A level (the first level) and B-level (the second level) headings under the numbered section headings to help readers make easy transitions from one topic to another.
C)Include as an attachment formal resumes for all key players in your management team.
D)Set a firm date by which you will require an answer from a potential investor, after which you will take your plan somewhere else.
E)Use different color fonts or paper to represent different sections of your plan.

Question 34

The table of contents is usually found

A)as soon as you open the cover.
B)on the cover of the plan.
C)immediately before the executive summary.
D)immediately after the executive summary.
E)between the executive summary and the company description.

Question 35

Which of the following statements regarding bullet points in a marketing plan is most accurate?

A)Avoid bullet points whenever possible because they distract the reader.
B)If possible, change the type of bullet point (circle, star, square, etc.) whenever you change topics.
C)Bullet points should be used with all major headings to help draw attention to them.
D)Bullet points enable key points to be highlighted effectively in a list form.
E)Bullet points make it easier to highlight points that require long explanations.

Question 36

Paradise Kitchen's Strategic Focus and Plan contained three key elements:

A)the mission, goals, and core competence/sustainable competitive advantage.
B)the mission, goals, and organizational structure.
C)an executive summary, a company description, and a financial overview.
D)organizational structure, core competence/sustainable competitive advantage, and forecast of potential profits.
E)the organizations key players, the organizational structure, and the competence/sustainable competitive advantage.

Question 37

Despite the fact that there is not "one" format for writing successful marketing and business plans, there are important general guidelines: (1) Use a direct, professional writing style, (2) Be positive and specific to convey potential success.(3) Use bullet points for succinctness and emphasis.(4) Use A level (the first level) and B-level (the second level) headings under the numbered section headings to help readers make easy transitions from one topic to another.(5) Use visuals where appropriate.(6) Shoot for a plan 15 to 35 pages in length, not including financial projections and appendixes, and (7)

A)Use different color fonts or paper to represent different sections of your plan.
B)Do not use a business plan unless you are borrowing at least $100,000.
C)Include as an attachment formal resumes for all key players in your management team.
D)Set a firm date by which you will require an answer from a potential investor, after which you will take your plan somewhere else.
E)Use care in layout, design, and presentation.

Question 38

Which of the following is one of the top six questions most lenders and prospective investors expect to be included in the marketing plan?

A)Who is your competition and what are they doing?
B)Who will be your key suppliers?
C)Does the plan clearly describe how those providing capital will get their money back and make a profit?
D)How will you calculate your profit margins?
E)Does the prospective product meet all government safety standards?

Question 39

Despite the fact that there is not "one" format for writing successful marketing and business plans, there are important general guidelines: (1) Use a direct, professional writing style, (2) Be positive and specific to convey potential success.(3) Use bullet points for succinctness and emphasis.(4) Use A level (the first level) and B-level (the second level) headings under the numbered section headings to help readers make easy transitions from one topic to another.(5) Use visuals where appropriate.(6) Use care in layout, design, and presentation.(7)

A)Use different color fonts or paper to represent different sections of your plan.
B)Do not use a business plan unless you are borrowing at least $100,000.
C)Shoot for a plan 15 to 35 pages in length, not including financial projections and appendixes.
D)Include as an attachment formal resumes for all key players in your management team.
E)Set a firm date by which you will require an answer from a potential investor, after which you will take your plan somewhere else.

Question 40

Which of the following statements regarding visuals is most accurate?

A)Visuals should not be used unless they are in black and white; color is not considered professional in a formal business plan.
B)Visuals should be used sparingly, it is assumed that if you cannot explain an idea in words, you don't have sufficient grasp of your product.
C)Visuals such as illustrations, graphs, and charts are acceptable; photos are less professional and should be avoided.
D)Visuals such as photos, illustrations, graphs, and charts enable massive amounts of information to be presented succinctly.
E)Visuals should appear in the appendices of the plan, never in the body of the plan itself.

Question 41

For the benefit of their audience, Paradise Kitchens Inc.divided their goals by

A)product and process.
B)product and service.
C)internal and external.
D)employee and customer.
E)financial and nonfinancial.

Question 42

Shorter tables or graphs that are less than __________ are often inserted in the text without figure numbers because __________.

A)41/2"; they don't cause serious page breaks
B)11/2" ; they don't cause serious page breaks
C)half a page; the information should be self-explanatory
D)quarter of a page; the information should be self-explanatory
E)1"; they are more for style than for substance

Question 43

For readability and clarity, the Paradise Kitchens Inc.presented its SWOT analysis in figure form.It was clearly divided into two distinct sections:

A)Internal Factors and Strengths; External Factors and Weaknesses.
B)Internal Factors both Strengths and Weakness; External Factors both Strengths and Weaknesses.
C)Internal Factors both Strengths and Weaknesses; External Factors both Opportunities and Threats.
D)Financial Factors; Nonfinancial Factors.
E)Domestic Issues; Global Issues.

Question 44

Which of the following did Paradise Kitchens Inc.considered a strength?

A)unique, high-quality, high-price products
B)many lower-quality, lower-price competitors
C)fewer economies of scale than of huge competitors
D)consumer income is high and convenience is important to U.S.households
E)more households "eating out," and bringing prepared take-out into home

Question 45

The Industry Analysis provides perspective for information regarding

A)the competition, the economy, and the company's customers.
B)the competition, the company , and the company's customers.
C)the company, the economy, and the company's customers.
D)current trends, the competition, and the economy.
E)current trends, projected changes, and competitive advantages.

Question 46

Paradise Kitchens, Inc.identified two key trends in their Industry Analysis:

A)frozen foods and microwavable foods.
B)Caribbean foods and take-out markets.
C)frozen foods and Mexican foods.
D)eating out and take-out.
E)larger portion size and vegetarian meals.

Question 47

41 To the Company's knowledge, Paradise Kitchens is known for being the only premium-quality frozen __________ .sold in U.S.grocery stores.Their goal is to extend their brand to other products such as __________.

A)desserts for dogs; salmon patties for cats
B)dim sum; lobster rolls and red bean dumplings
C)chili; tacos, enchiladas, and burritos
D)sushi grade fish; do-it-yourself sushi kits that can be prepared at home
E)vitamin pops; medicated ice pops for sore throats

Question 48

Paradise Kitchens Inc.included a detailed figure to highlight its SWOT analysis, however,

A)there was no further explanation or written summary.
B)it was complemented by a short, but more in-depth, discussion of important points.
C)it failed to perform a situation analysis.
D)it did not include an industry analysis.
E)it also included a page long explanation for each of the four factors.

Question 49

Paradise Kitchens Inc.uses external secondary data to reinforce its position that there is a growing trend in Mexican foods as demonstrated by the significant portion of the American population incorporating burritos, enchiladas, and tacos into their regular diets.This information is also used to infer that there is a more favorable attitude on the part of all Americans toward

A)Southwestern flavors and other regional foods in general.
B)spicy foods and chili peppers.
C)ethnic foods and regional cuisine.
D)bean products, cheese products, and tortillas.
E)heartier foods that are simple to prepare.

Question 50

The effectiveness of a table is determined by its ability to

A)include every possible piece of information available.
B)catch the reader's attention with its design and sophistication.
C)create a visual metaphor.
D)summarize a large amount of information in a short amount of space.
E)clarify difficult financial information or calculations.

Question 51

Which of the following statements regarding the use of photos in the body of a marketing plan is most accurate?

A)Photos should always appear in black and white or they lose their effectiveness.
B)Photos should always appear in color, regardless of additional cost, since the overall effect is more professional than simply black and white images.
C)Photos should include a brief caption that ties them to the text and highlights the reason for being included.
D)If a photo is important enough to be included in the body of a marketing plan it should require no further information.
E)Photos should never take up more than 1/8th of the page if they are used in the body of a marketing plan rather than in the appendix.

Question 52

The SWOT analysis identifies a company's

A)significant weaknesses or threats.
B)strengths, weaknesses, opportunities, and threats.
C)significant worries from outside threats.
D)barriers to competition.
E)sustainable competitive advantages.

Question 53

The Situation Analysis is a snapshot to answer the question

A)"Where are we now?"
B)"What is the competition doing?"
C)"How will our organization change?"
D)"What is happening in the industry?
E)"What are we asking you to do?"

Question 54

Paradise Kitchens, Inc.uses external secondary data to reinforce its position that there is a growing trend in frozen prepared foods.According to its figures, prepared frozen meals account for __________ of the total frozen food market.

A)5%
B)17%
C)26%
D)32%
E)47%

Question 55

Paradise Kitchens Inc.uses external secondary data to reinforce its position that there is a growing trend in Mexican foods.According to its figures, Mexican foods such as burritos, enchiladas, and tacos, are used in approximately __________ of American households.

A)35%
B)47%
C)66%
D)79%
E)86%

Question 56

Which of the following goals uses parallel construction?

A)To make the finest bicycles in the professional racing field, to attain sponsorship from at least three top Olympic riders, and obtain a return on equity of at least 15 percent.
B)Make the best non-battery flashlight possible, make the brand name known in every household in the United States, and make the flashlight the official flashlight of every state-owned hospital in the United States.
C)Enter three major markets in the next three years, maintain a market share above 20 percent, while continuing to provide the best customer service according to industry polls.
D)To increase market share by at least 10 percent each year for the next five years, possibly to reduce employee turnover by 20 percent within the next five years, and to obtain a return on equity of at least 15 percent for each of the next five years.
E)Generate sales of $100 million, generate ROI of 20%, and maintaining selling costs at 10% of sales.

Question 57

Which of the following did Paradise Kitchens Inc.considered a threat?

A)unique, high-quality, high-price products
B)many lower-quality, lower-price competitors
C)technical breakthroughs enable smaller food producers to achieve many economies available to large competitors
D)consumer income is high; convenience important to U.S.households
E)more households "eating out," and bringing prepared take-out into the home

Question 58

Which of the following did Paradise Kitchens Inc.considered a weakness?

A)unique, high-quality, high-price products
B)many lower-quality, lower-price competitors
C)technical breakthroughs enable smaller food producers to achieve the same economies of scale available to large competitors
D)consumer income is high and convenience is important to U.S.households
E)more households "eating out," and bringing prepared take-out into home

Question 59

It can be inferred from the Paradise Kitchens mission statement that they will most likely use a __________ strategy.

A)penetration pricing
B)skimming pricing
C)prestige pricing
D)specialty product pricing
E)demand-backward pricing

Question 60

To improve readability, ideally, each numbered section should start

A)with all capital letters.
B)on a new page.
C)in a font size at least 3 points higher than the body of the text.
D)either capitalized and bolded or italicized and underlined.
E)with a brief introduction of what will be discussed.

Question 61

The Pricing Strategy articulates the specific product price and the product's price position relative to __________.When space permits, this section would include a __________.

A)potential substitutes; break-even analysis
B)the closest competition; situational analysis
C)industry standards; marginal analysis
D)the closest competition; diversification analysis
E)industry standards; break-even analysis

Question 62

To help buyers see the many different uses for Howlin' coyote chili, the company has

A)sponsored a recipe contest with the first prize being a trip for two to Mexico.
B)offered recipes on the inside of the packages, at in-store demonstrations, and on coupons.
C)used a "buy-one-get-one-free" promotion.
D)sponsored a series of short but informative commercials on the Cooking Channel.
E)published small full-color illustrated pamphlets as buyer incentives to its wholesalers.

Question 63

Paradise Kitchens Inc.uses external secondary data to reinforce its position that there is true growth potential for its product offerings.One key statistic deals with the growing Hispanic population.The purchasing power of the Hispanic market is projected to be approximately __________ by the year 2014.

A)$44 million
B)$798 million
C)$2.2 billion
D)$57.9 billion
E)$1.2 trillion

Question 64

The two key elements of the Paradise Kitchens Inc.Customer Analysis include

A)Customer Characteristics and Target Market Demographics.
B)Consumer Demographics and Geographical Distribution.
C)Consumer Demographics and Consumer Psychographics.
D)Customer Characteristics and Health and Nutrition Concerns.
E)Consumer Psychographics and Consumer Life Style data.

Question 65

According to its marketing plan, Paradise Kitchens Inc.is positioning itself in consumers' minds as

A)a moderately priced "Home style taste of the Southwest" chili.
B)a low-cost "Mexican /American meld of flavors" for easy-to-prepare frozen entrees.
C)traditional "Taste of Mexico" using all organic ingredients in semi-prepared meals.
D)very high-quality "gourmet Southwestern/Mexican" frozen entrees and desserts.
E)very high-quality "authentic Southwestern/Mexican tasting" chilies that can be prepared easily and quickly.

Question 66

The Marketing Program section of a marketing plan consist of

A)the four marketing mix elements.
B)the five environmental forces.
C)the financial forecasts for the industry and the company itself.
D)the target market identification and market segment selection.
E)the specific steps that will be taken to implement the plan.

Question 67

In terms of its Market-Product Objectives, which of the following statements regarding Paradise Kitchens Inc.is most accurate?

A)Paradise Kitchens does not intend to expand its markets, rather it will choose a market penetration strategy through increasing same-store sales.
B)Howlin' Coyote's brand presence will be expanded through addition of new products in the frozen-foods section.
C)Howlin' Coyote's brand presence will be expanded through addition of a totally new line of ethnic desserts (flan, churros, sopapillas).
D)Kitchens Inc.will gradually phase out its Food Service division to allow for growth in its new frozen dessert line.
E)By the end of Year 5, the chili, salsa, burrito, and enchilada business will be expanded to reach small suburban and rural areas in the relatively untapped Midwest market.

Question 68

A unique aspect of Paradise Kitchens Inc.'s packaging is

A)the information is printed in English on one side and Spanish on the other.
B)the color of the box gets redder as the spices gets hotter.
C)there is a Southwestern motif on the box instead of pictures of the product contents.
D)there is a thermometer strip that indicates when the product is properly thawed.
E)there are hidden figures created by the outlines of the chili beans for people to look for while preparing the meal.

Question 69

Which of the following did Paradise Kitchens Inc.considered an external opportunity?

A)unique, high-quality, high-price products
B)many lower-quality, lower-price competitors
C)lack economies of scale of huge competitors
D)consumer income is high and convenience is important to U.S.households
E)more households "eating out," and bringing prepared take-out into home

Question 70

The Company Analysis provides details of the company's strengths and marketing strategies that will enable it to achieve the mission and goals identified earlier.Paradise Kitchens Inc.lists a major strength as __________ and a major marketing strategy of __________.

A)a stable financial base; selling its products exclusively through food wholesalers
B)strong connections to the Hispanic community; outsourcing all production
C)co-ownership in a chain of small grocery stores; purchasing only organic vegetables and grains
D)the professional food industry experience of the co-founders; the use of a single outside producer
E)national "chili cook-off" titles; creating two separate product lines to adapt to markets requiring more or less "heat"

Question 71

The chances of success for a new product are significantly increased if

A)the company sets goals that are both flexible and adaptable.
B)objectives are set for the product, and target market segments are identified for it.
C)at least 25% of the initial budget includes advertising and promotional expenditures.
D)all initial production, distribution, and promotion is done in-house where management can exert the greatest quality control.
E)the firm outsources those elements of production, distribution, or promotion in which they have the least expertise.

Question 72

A(n) __________ helps communicate the company's unique points of difference of its products to prospective customers in a simple, clear way.

A)positioning strategy
B)market-product strategy
C)competition grid
D)implementation strategy
E)organizational grid

Question 73

As part of its Competitors Analysis, Paradise Kitchens Inc.discusses the chili market in particular.The chili market represents over $500 million in annual sales.The product is discussed as falling into one of two categories:

A)frozen and canned.
B)pre-made and ready-to-make kits.
C)canned chili and dry chili.
D)authentic chili and "Americanized" chili.
E)chili with meat (con carne) and vegetarian chili with beans.

Question 74

The Target Market section of a marketing plan identifies the specific niches or __________ toward which the company's products are directed.When appropriate or when space permits, this section may also include a __________.

A)target markets; market-product grid
B)market segment; situational analysis
C)customer base; growth-share matrix
D)market segment; growth-share matrix
E)target markets; situational analysis

Question 75

Paradise Kitchens Inc.uses the following font choices: Company Analysis and Customer Characteristics to indicate that

A)Customer Characteristics and Company Analysis are synonymous and can be used interchangeably.
B)Company Analysis is a subcategory of Customer Characteristics.
C)Customer Characteristics is a subcategory of Company Analysis.
D)Company Analysis is the name of a secondary source and Customer Characteristics refers to internally collected primary data.
E)Company Analysis is the formal marketing term and Customer Characteristics is the layman's term.

Question 76

The Paradise Kitchens Inc.describes their primary target market for Howlin' Coyote products as households with one to three people, where often both adults work, and with individual income typically above __________ per year.

A)$40,000
B)$50,000
C)$75,000
D)$100,000
E)More than $100,000

Question 77

In terms of paragraph style, most readers prefer

A)block style because the appearance is cleaner.
B)block style because it seems more professional.
C)block style because it lends itself better to financial documents.
D)indented paragraphs because they make longer documents easier to read.
E)indented paragraphs because they are more in keeping with professional prose.

Question 78

The greatest single factor in a new product's failure is

A)a lack of advertising and promotion.
B)too small a target market.
C)too few competitors.
D)insignificant point of difference.
E)lack of experienced management.

Question 79

The three key elements of Paradise Kitchens Inc.'s Product Strategy include:

A)product benefits, product line, product packaging.
B)product characteristics, branding strategies, and packaging.
C)unique product quality, product line, branding strategies.
D)product line, unique product quality, and packaging.
E)product line, product brand, product packaging.

Question 80

In response to current trends regarding health and nutrition, competitors such as Don Miguel, Mission Foods, Ruiz-Foods, and Jose Ole, plan to offer or have recently offered more "carb- friendly" and "fat-friendly" products.Paradise Kitchens' response to this trend will be to

A)change their recipes to be even lower in carbs, fats, and salt than their competitors' products.
B)emphasize their products' taste and authenticity rather than their nutritional characteristics.
C)emphasize the already healthy product characteristics as well as the product's taste, convenience and flexibility.
D)emphasize the research findings that indicate that Americans are actually getting too little fat in their diets which make them overeat in order to feel satisfied.
E)capitalize on the fact that its products have always been healthier than their competitors' products and plan to make meals even healthier.